TAX RETURN FIL I NG HAS STARTED FOR F.Y. 2011-12 â€“ WHERE ARE YOU?
Filing of Income Tax Return can be done in 2 ways:i) Offline/Traditional paper filing: Traditional filing involves hiring a CA or a tax consultant to file tax returns, or personal submission of forms by visiting the nearest Income Tax Office (ITO). ii) Online filing: Online Filing or E-filing was enabled by the Income Tax Department a couple of years back. It is an improved and hassle-free method of tax filing; here, filing is done through the Internet. Online Tax Returns can be done with or without a digital signature. If you feel you are owed a refund, you are probably anxious to file your tax return. Filing tax return early has many advantages. As the due date for filing return is 31st July, but don't let the two-day reprieve lure you into complacency. Waiting until the last minute to file increasesthe chance you'll make an error on your return. And the sooner you file, the sooner you'll get your refund. By filing early, you avoid the possibility of a last minute headache from trying to rush through your tax return. One of the best ways to file early is e-filing. The Benefits of Filing Income Tax Return EarlyGet Filing out of the way: Waiting until the last minute to file your tax return can be stressful, especially when gathering your records takes longer than expected. Itâ€™s important to take your time and not miss opportunities to deduct and save. Since, 'Better late than never' is the best policy when it comes to income tax payment. Standard Income Proof: Income Tax Return is considered a customary income proof not only in India but also globally. If you are looking for higher education or employment abroad, it is the largely accepted income proof. Speeds your loan application process: Apart from a good credit history (or past repayment track), the fact that you are filing your Income Tax Return regularly gives you speedier accessto credit and at better terms -- although not necessarily a larger line of credit, but surely a better rate. It also provides the impression to the financier that you are a law abiding citizen and will repay the loan within time. Power of PAN: Permanent Account Number or PAN issued by the IT authority is not only a requirement for Income Tax Return Filing but is also now mandatory for all financial transactions -from opening a bank account, or purchasing mutual funds to real estate for investment. So it makes
senseto get yourself one even if you don't have much income to boast of. Claim your tax refund faster: Return Filing is not always about paying tax. It can be used as a means to reduce your tax liability. Take for instance, salaried employeesfor whom TDShas been cut during the financial year can claim refund if the tax outgo has been more than the actual tax payable. Every person with taxable income (over and above the tax exemption limit) should file an income return, even if her/his tax liabilities have been taken care of by the employer through tax deducted at source (TDS); persons whose salaries have been subjected to TDSare also required to file return because they may have earned from sources other than salary (house property income, capital gains, etc.). Beneficial in case of carry Forward of losses: Not only for refund, you also need to file your income return early if you are claiming carry forward of loss (say, from long term capital asset or from any other source of income). In such cases,filing returns within the due date is a must. Avoid willful tax evasion: In certain cases,you may even be liable for prosecution for intentional avoidance of tax payments. 'Better late than never' is the best policy when it comes to income tax payment. To avail all the advantagesof filing Income Tax Return early, Taxmantra.com has launched Income Tax Return module where details are to be filled by users, but Income Tax Return will be filed only after review by the Tax experts. Taxmantra.com has brought Income Tax Return filing and other services fully online. Filing the return with Taxmantra is so simple and easy that you can file your tax return any time anywhere by just few clicks of a mouse. You just need to fill few details in our Online Income Tax Return module and submit ORyou can directly mail your details at firstname.lastname@example.org. Once you try it out, there is no going back to the old ways! • Form16/ Salary Certificate, if any; • Details of other income, if any; • Tax investment made, not incorporated in form 16; • Details of housing loan (details of interest and principal paid on housing loan, addressof the house property for which loan is taken), if any; • Details of TDSdeducted & TDScertificate, if any; • Scanned copy of PAN Card OR( Details mentioned on card , Full Name, Father's name and date of birth); • Full address; • Mobile Number; and • Bank Account details (Account number, name of bank, and MICRcode). Taxmantra.com offers excellent tax support in addition to filing of return of income and comprehensive tax planning. So online income tax filing with Taxmantra.com is obviously a better
experience. Get in touch with us to file online tax returns today and stay hassle free. Join us in pursuit of simplifying individual taxation! We welcome you to Taxmantra.com for easy online income tax return filing / online tax return filing ! This article has been taken from http://www.articlesbase.com/taxes-articles/tax-return-filing-hasstarted-for-fy-2011-12-where-are-you-5975181.html
Published on Jun 11, 2012
Published on Jun 11, 2012
Traditional filing involves hiring a CA or a tax consultant to file tax returns, or personal submission of forms by visiting the nearest Inc...